The Central Bank removes 12 b SL/Shs from the country’s exchange markets in bid to strenghthen the local currency

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By M.A. Egge

The Central Bank of the Republic of Somaliland, which is continuing the operation to stabilize the Somaliland shilling, has on Wednesday withdrawn from the country’s foreign exchange markets about 12 billion Somaliland shillings which were surplus in the currency and exchange markets.

The continuous steps taken by the central bank of Somaliland to inject the hard currency into the market so far has had the bank manage to raise the value of the Somaliland shilling by 4.5 percent.

The operation was led by some central bank officials which was carried out in the central market of the capital Hargeysa.

Some of the people who were at the place and at the same time being served in the exchange markets and some of the money changers have welcomed these steps taken by the central bank of the Republic of Somaliland in strengthening the value of the shilling.

They urged the general business fraternity to be patriotic and use the local currency extensively and chided those who needlessly hike prices of basic commodities hastily.

bank of Somaliland share with the community, and at the same time clarify the exchange rate whether it is the front hand or the back hand

“The inflation is ending, because they brought a lot of money to the market from the Central Bank, we are the ambassadors of the bank and we are working with them, traders and warehouses, we have sustainable market prices that are kind to the community”, they said.

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